RMBS

  • Aussie RMBS delinquencies reach record high

    Fitch reports that 30+ day delinquencies in the Australian prime RMBS sector reached a record high of 1.79% in 1Q11, up by 42bp from 4Q10. Christmas spending, the Queensland floods and the November 2010 interest rate rise all adversely impacted borrowers' serviceability, the agency says.

    Fitch believes the factors that have impacted mortgage performance in 1Q11 will be more or .......

    News Round-up 26 May 2011

  • Banks fined for misrepresentation

    FINRA has fined Credit Suisse Securities US$4.5m and Merrill Lynch US$3m for misrepresenting delinquency data and inadequate supervision in connection with the issuance of RMBS.

    FINRA found that in 2006 Credit Suisse misrepresented the historical delinquency rates for 21 subprime RMBS it underwrote and sold. Although Credit Suisse knew of these inaccuracies, it did not sufficiently investigate the delinquency errors, .......

    Job Swaps 26 May 2011

  • Celtic tender offer launched

    Ulster Bank Ireland has launched a tender offer for 15 classes of RMBS notes issued under the Celtic Residential Irish Mortgage Securitisation No 9, 10, 11 and 12 series. The bank says it is seeking to provide liquidity to noteholders by enabling them to exit the transactions, as well as to strengthen its financial position by purchasing some of the .......

    News Round-up 24 May 2011

  • Bank beefs up agency MBS desk

    RBS has appointed Perrin Arturi as md on its agency pass-through trading desk, where he will be responsible for trading 15-year MBS. Based in Stamford, Connecticut, Arturi will report to Brian Song, the bank's head of agency pass-through trading.

    With over 20 years of experience, Arturi joins from UBS, where he was most recently head of agency pass-through mortgage trading. .......

    Job Swaps 23 May 2011

  • Legacy non-conforming RMBS prepped

    Credit Suisse is in the market with an unusual standalone non-conforming RMBS dubbed Aggregator of Loans Backed by Assets (A.L.B.A) 2011-RP1. Preliminarily rated by S&P, the transaction comprises up to £278.6m floating-rate notes and up to £88m fixed-rate notes. A tranche of subordinated notes is also expected to be issued on the closing date.

    The deal will be backed by .......

    News Round-up 23 May 2011

  • RMBS vet moves on

    Two Harbors Investment has appointed Diane Wold as md in its senior management team. In this role, she will aid the integration of the firm's new loan securitisation programme into its business model.

    Wold was previously svp and md at GMAC Residential Capital, where she led its US residential mortgage loan securitisation programme. During her time at GMAC, she oversaw .......

    Job Swaps 18 May 2011

  • Two Harbours preps debut RMBS

    Two Harbors Investment Corp says it has taken the first step towards setting up a securitisation issuance programme by partnering with Barclays Bank to close on a US$100m mortgage loan warehouse facility, subject to future increase. The facility will be used to aggregate prime jumbo residential mortgage loans that the company will acquire from select mortgage loan originators with whom .......

    News Round-up 18 May 2011

  • Downgrades expected on LMI review

    Fitch has placed 54 publicly-rated Australian RMBS tranches on rating watch negative as a result of an exposure draft criteria report published on the credit given to lenders' mortgage insurance (LMI) within RMBS.

    "While the LMI providers in Australia and New Zealand have shown a willingness to pay valid claims, recent years' surveillance data have indicated that not all claims .......

    News Round-up 17 May 2011

  • MBS trading md named

    KeyBanc Capital Markets has appointed Joseph McHale as md in its MBS sales and trading group. Based in New York, he will sell fixed income securities to institutional accounts. He previously held md positions at Auriga Securities, Brevan Howard and Nomura Securities.

    .......

    Job Swaps 13 May 2011

  • Government programme could harm RMBS

    In its present form, the Decreto Sviluppo announced by the Italian government on 5 May could have a negative effect on Italian RMBS and obbligazioni bancarie garantite (OBG) ratings, says Fitch. The rating agency is concerned by the implications for cashflows from mortgage portfolios.

    The government's decree will enable borrowers with an Italian mortgage loan to change their interest payments .......

    News Round-up 12 May 2011

  • Head HEQ trader named

    Southwest Securities has promoted Pho Phimvongsa to vp and head HEQ trader in its taxable fixed income division. He will continue reporting to svp and head of the firm's ABS/CMBS trading team, Patrick McCarthy.

     

    .......

    Job Swaps 11 May 2011

  • RMBS trading head named

    Odeon Capital Group has recruited Bret Ackerman as a director and svp in its sales and trading group. He will head the firm's RMBS trading desk, which utilises its trademark independent research to provide clients with a full service offering for trading in high-yield securities, in New York.

    A 10-year veteran of the industry, Ackerman joins Odeon from StormHarbour Securities, .......

    Job Swaps 10 May 2011

  • Option One buy-back request issued

    A number of large investors in RMBS that contain loans originated by Option One Mortgage Corporation - now Sand Canyon Corporation - are requesting the firm to repurchase loans that were improperly originated or documented and sold to securitisation trusts.

    The investors have retained Talcott Franklin to organise and pursue this request. They presently hold over 25% of the voting .......

    Job Swaps 10 May 2011

  • Speedy recovery for UK buy-to-let

    UK buy-to-let borrower performance has bounced back after a severe deterioration during the downturn, according to S&P. Interest rate rises remain a risk, however.

    "The drop-off in performance - and subsequent recovery - was more pronounced than for owner-occupier borrowers, which we believe is due to the specific characteristics of buy-to-let borrowers; in particular, the disproportionate effect that changes in .......

    News Round-up 10 May 2011

  • Complex Lehman RMBS restructuring completed

    Berwin Leighton Paisner (BLP) has acted for the issuers of 34 Lehman-originated RMBS in a restructuring exercise totalling £18.5bn. Undertaken in three stages, the restructuring took 16 months to complete and was necessitated by the voluntary winding-down of one of the Lehman originators and the complex structure of the collection accounts for each RMBS.

    The first stage of the restructuring .......

    News Round-up 9 May 2011

  • New agency indices prepped

    Markit is expected to launch new MBX, IOS and POS indices on 12 May. The indices will reference Ginnie Mae II collateral issued primarily in 2010 for the 4%, 4.5% and 5% coupons.

    .......

    News Round-up 9 May 2011

  • Servicer advance receivables deal critiqued

    The advance rates and reserve fund amounts in the most recent American Home Mortgage servicer advance receivables transaction, AHM SART 2011-1, are inconsistent with Fitch's criteria for achieving a triple-A rating. Rather, the deal's credit enhancement is more in line with mid-investment grade ratings, the agency says.

    Fitch updated its servicer advance receivables criteria in December 2010 to better account for .......

    News Round-up 6 May 2011

  • Broker hires MBS trio

    MF Global has appointed Evan Malik and Phil Hermann as co-heads of its MBS and ABS sales team. Most recently, the pair held senior positions at Braver Stern, where they were founding partners of the firm's mortgage business.

    Additionally, Richard Onkey has joined the MBS sales team, based in New York. He previously served as head of the ABS syndicate .......

    Job Swaps 5 May 2011

  • FDIC outlines servicing lessons learnt

    The FDIC has released a special foreclosure edition of its 'Supervisory insights' publication, which highlights lessons learned from an interagency horizontal review of the 14 largest residential mortgage servicers. The review resulted in consent orders with all of these entities (SCI passim).

    The report also provides a forum for discussing how bank regulation and policy are put into practice in .......

    News Round-up 5 May 2011

  • NYID email disclosure ordered

    The New York State appeals court yesterday ruled that the New York State Insurance Department (NYID) must comply with a discovery order issued by Justice James Yates in November 2010 to turn over emails between then-Superintendent Eric Dinallo and four other senior NYID officials. The move is the latest development in the Article 78 action brought by the bank policyholder .......

    News Round-up 4 May 2011

  • Distressed investment pro hired

    400 Capital Management has appointed Todd Leih as a partner and senior member of its portfolio management team. He joins from Jane Street, where he was a senior portfolio manager for distressed fixed income structured finance strategies. Before this, Leih was at Bank of America, focusing on non‐agency mortgage credit and derivative strategies.

     

    .......

    Job Swaps 4 May 2011
×